Only cuts or trades of players who currently have one of the 51 highest cap figures will create additional in-season cap space needed to pay players 52 &53, players on IR/PUP, practice squad roster, and elevations of PS players to the active roster.
As Venecal has been saying and Kraft indicated at the March owner’s meeting , the Patriots are operating as if they are close to their cash budget for players this season.
Further conversion of salary to bonus creates cap space but also increases the 2022 cash outlay where trading or cutting players and their salaries creates the needed in-season cap space without exceeding their cash budget.
There really aren’t that many options to cut or trade to get the cap space they need, and 4 or them have significant salary guarantees. As I see it, the candidates for release or trade are: Nelson Agoholor ($5 million guarantee; $4.88 m savings if released), Isaiah Wynn ($10.4 million guarantee; no savings if released), Davon Godcheaux ($2.5 million guaranteed; $5 m savings if released), Jonathan Jones ($0 guarantee, $5.682 savings if traded or cut), Jalen Mills ($3.5 million guaranteed; $5.441 m saved if traded, Jakobi Meyers ($0 guaranteed; $3.986 m saved if cut or traded) and Jake Bailey ($0 guaranteed; $3.986 m if cut or traded.
I think their plan is to play it by ear and make 2 or 3 transactions involving the players I mentioned when the time comes depending on what transpires through trading camp and pre-season at the various position groups.
Wynn, definitely and Agholor, most likely, would be traded rather than cut, but I really don’t see any other team taking on their full salary in a trade requiring the Pats to pay part of their salary to facilitate a trade.